South Indian Bank NRI Account – Interest Rate, Application

South Indian Bank (SIB) is a private sector bank in India. It offers a wide range of accounts and technology-based value-added services to non-resident customers, such as NRI bank accounts, NRI fixed deposit schemes, loans, and investment products. Here are the various aspects of South Indian Bank NRI savings account i.e. interest rates, minimum account balance, etc.

Open NRI Account

Also Read: South Indian Bank NRI Personal Loan 2023

South Indian Bank NRI account

South Indian Bank offers two types of NRI savings accounts as under:

• South Indian Bank NRE savings account
• South Indian Bank NRO savings account

South Indian Bank NRE account

NRIs can open an NRE savings account in South Indian Bank to park their foreign earnings and enjoy tax-free interest. Interest earned from a South Indian Bank NRE savings account is not taxable in India. Here are the benefits of opening an NRE account with South Indian Bank: 

• NRE account can be funded by direct remittance from abroad, transfer from existing NRE account or with foreign currency note, traveler’s cheque deposited by NRIs during their visit to Indian. 
• The credit balance is fully repatriable. 
• There is no wealth tax on the balance and interest earned is exempt from Income Tax. 
• A nomination facility is available. 

South Indian Bank NRO Account

SIB NRO savings account helps NRIs to route their domestic earnings. Key features of the South Indian Bank NRO account are as under:

• NRO account is maintained in Indian Rupees for depositing domestic remittances like rent, pension, dividends, etc. 
• You can open a South Indian Bank NRO account jointly with a resident only on a ‘Former or Survivor’ basis.
• Interest earned is subject to income tax in India. 
• Repatriation is allowed with restrictions. 

South Indian Bank NRI Savings Account Opening Online

You can apply for a South Indian Bank NRI account opening in different ways:

1. On the bank’s website

2. Use SBNRI app for online NRI account opening

Guidelines for South Indian Bank NRI account opening online 

Customers can apply for online NRE/ NRO accounts from any part of the globe. Here are a few steps to apply for NRI account opening online:

• Fill the South Indian Bank NRI account opening form. Enter primary details like name, email ID, country of residence, phone number, passport number, and preferred branch.
• A Unique Application Reference ID will be generated for future communication. 
• Fill up the application details step by step i.e. basic information, personal details, identity details and additional details, with the Reference ID. 
• Now click ‘Save & Continue’ to move to the next step.
• Select the address at which you prefer to receive your account credentials (NRI account Welcome Kit). 
• Click ‘Upload’ to upload the KYC documents. 
• You will be prompted to recheck the information and then submit it. 
• After successful submission of the application, an email containing the next step with the link of the account opening form will be sent to the applicant. 

Documents required for SIB NRI account opening

1. Identity proof

• The first and last pages of the valid passport 

Indian address proof

• Driving license
• Voter’s identity card
• Bank account statement
• Aadhaar card

2. Valid visa/ employment visa/ work permit/ resident permit/ student visa

3. PAN card/ Form 60

4. Overseas address proof

• Offer letter/ Company ID/ overseas driving license/ utility bills

5. Account payee cheque for a minimum Rs. 2000/- of your existing NRE account drawn in your name 

Or

Last 3-month bank statement of overseas bank or NRE account with any banks in India with concerned bank’s seal and signature.

Note: All KYC documents should be certified by any of the following entities:

• Indian Embassy/ Consulate General in the country of your residence
• Authorized officials of overseas branches of a scheduled commercial bank registered in India
• Notary Public Board
• Court Magistrate/ Judge

Online NRI Account Opening on SBNRI app

NRI customers can open an NRE/ NRO account online using SBNRI app. Applying for an NRI account is a short, simple, and 4-step process on the SBNRI app. 

• Download the SBNRI App and sign up using your credentials. 
• Click on ‘Open NRI Account’ button and select the bank you want to open an NRI account with.
• Select the account type, NRE/ NRO. 
• Use the in-app scanning feature to scan and upload KYC documents.
• Click on ‘Apply’ and that’s it. 

South Indian Bank NRI Account Interest Rates

South Indian Bank NRE account interest rates, as well as NRO account rates, are listed in the following table. 

South Indian Bank NRI Account Minimum Balance

SIB NRE account minimum balance required for different types of accounts is as under:

Also Read: NRI Account Minimum Balance: Updated for 2023

South Indian Bank NRI Customer Care

For any queries and complaints related to NRI account, you can contact South Indian Bank NRI customer care team at any of the following points of contact:

Foreign Exchange Advisory Cell

NRI customers can avail of advisory services of the Foreign Exchange Advisory Cell at Treasury Mumbai and International Banking Division, Kochi. Following are the dedicated telephone numbers: 

Treasury Mumbai: 022 67868880

IBD, Kochi: 0484- 2355499/2368476/29535051

Mobile: 09072448899

Email ID: [email protected]

Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.

You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.

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